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Three big things that are forcing consumers to re-think

Russell Hutchinson on the drivers that are pushing people to seek advice.  

Tuesday, June 2nd 2020, 8:00AM

by Russell Hutchinson

Advice wins in difficult times – and it is hard to think of a combination of events that rivals this for "difficult".

That’s a serious understatement isn’t it?!

In the midst of this, there are some big drivers that are pushing people towards advice:

A realisation that we are mortal, that bad things can happen.

People that have friends that have died from Covid-19, family in countries where the pandemic is causing tens of thousands of deaths, and those that have been advised by medical staff to stay at home and isolate due to their existing medical conditions – these are all big reminders that life can be scary as well as fun.

At the start of the lockdown when all appeared dark and forbidding, people were having conversations about what to do if they died.

With the risk of a second wave of infection, people have been reminded that bad things can happen – and some of them are wondering "if only". These include "if only I had sorted out my insurance".

With the complexity in income protection underwriting all but the most rudimentary risk work will usually need some advice.

Economic pain will force tens of thousands of people to review their budgets. They will change priorities and check through what they think is important and what is not.

Insurance can suffer when a family is interested in trimming budgets, but this crisis is different as it is not purely economic.

More people will be willing to consider how they can protect rather than just cut. It is a mixed environment where decisions will be hard to balance. Advice is needed in such cases.

Trusts review. The Trusts Act 2019 has triggered a wave of reviews of family trusts.

Many trusts set up quickly with little thought to effective documentation may need significant work.

Requirements are being placed on trustees to hold more information and to share more information to beneficiaries of trusts.

As a mechanism for managing assets across generations trusts can be incredibly useful.

They usually have significant connections to insurance plans. Advice is often needed in such cases.

Tags: Income Protection Opinion Russell Hutchinson trusts

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